MICROS Reports Fiscal 2001 Third Quarter Results

COLUMBIA, Md., April 26 /PRNewswire/ -- MICROS Systems, Inc.
(Nasdaq: MCRS), a leading supplier of information systems to the hospitality
industry, today announced the results for its fiscal 2001 third quarter ended
March 31, 2001. Revenue for the quarter was $81.1 million with a net income
of $0.1 million, and breakeven on an earnings per share basis. Last year's
third quarter revenue was $92.0 million with a net income of $10.2 million,
and earnings per share, on a diluted basis, of $0.56.
For the nine-month period ending March 31, 2001, MICROS's revenue was
$235.2 million with a net loss of $1.8 million, or a loss of $0.10 per diluted
share. Last year's nine-month revenue was $282.1 million with a net income of
$23.9 million, or earnings per share, on a diluted basis, of $1.34.
Tom Giannopoulos, MICROS's President and Chief Executive Officer stated:
"We are pleased with the progress we made in the quarter with sequential
quarterly revenue growth and a return to profitability. We are confident that
our continued investments in new products, targeted acquisitions and expanding
distribution have positioned MICROS well for the future. The results of these
investments can be seen in the wide range of new customer wins and products
announced during the quarter."
Mr. Giannopoulos added, "The rigorous cost-reduction program we
implemented has helped us achieve profitability during this slow-down, and
will allow us to drive additional profitability in future quarters as the full
benefit of this program is derived. Additionally, we look forward to this
quarter as we release several important products such as Opera Front Office,
the 9700 Hospitality Management System, and the Eclipse, a new point-of-sale
PC based terminal."
MICROS's stock is traded through NASDAQ under the symbol MCRS. Some of
the statements contained herein not based on historic facts are forward-
looking statements that involve risks and uncertainties. Some of those
uncertainties are: product demand and market acceptance; adverse economic
factors; impact of competitive products and pricing on margins; product
development delays and technological difficulties; and aggressively
controlling expenses. Other risks are indicated in the MICROS Form 10-K and
other filings with the Securities and Exchange Commission. MICROS assumes no
obligation to update or supplement forward-looking statements that become
untrue because of subsequent events.
MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited - in thousands, except per share amounts)
Third Quarter Ended Nine Months Ended
March 31, March 31,
2001 2000 2001 2000
Revenue:
Hardware and software $42,488 $55,711 $124,542 $172,890
Service 38,646 36,242 110,698 109,239
Total revenue 81,134 91,953 235,240 282,129
Cost of sales:
Hardware and software 20,501 20,265 61,253 84,166
Service 19,640 19,726 56,794 55,189
Total cost of sales 40,141 39,991 118,047 139,355
Gross margin 40,993 51,962 117,193 142,774
Selling, general and
administrative
expenses 31,622 27,325 93,589 79,499
Research and
development expenses 5,473 4,491 14,399 12,676
Depreciation and
amortization 3,626 3,167 10,382 8,862
Total operating
expenses 40,721 34,983 118,370 101,037
Income (loss) from
operations 272 16,979 (1,177) 41,737
Non-operating income
(expense), net 52 507 (1,376) (277)
Income (loss) before
taxes, minority interest,
equity in net earnings
of affiliates 324 17,486 (2,553) 41,460
Income tax provision
(benefit) 131 7,081 (1,034) 16,787
Income (loss) before
minority interest and
equity in net earnings
of affiliates 193 10,405 (1,519) 24,673
Minority interest and
equity in net earnings
of affiliates (124) (181) (295) (741)
Net income (loss) $69 $10,224 ($1,814) $23,932
Net income (loss) per
common share:
Basic $0.00 $0.60 ($.10) $1.44
Diluted $0.00 $0.56 ($.10) $1.34
Weighted-average number
of shares outstanding:
Basic 17,373 17,080 17,356 16,635
Diluted 17,497 18,356 17,356 17,880
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SOURCE MICROS Systems, Inc.

COLUMBIA, Md., April 26 /PRNewswire/ -- MICROS Systems, Inc.
(Nasdaq: MCRS), a leading supplier of information systems to the hospitality
industry, today announced the results for its fiscal 2001 third quarter ended
March 31, 2001. Revenue for the quarter was $81.1 million with a net income
of $0.1 million, and breakeven on an earnings per share basis. Last year's
third quarter revenue was $92.0 million with a net income of $10.2 million,
and earnings per share, on a diluted basis, of $0.56.
For the nine-month period ending March 31, 2001, MICROS's revenue was
$235.2 million with a net loss of $1.8 million, or a loss of $0.10 per diluted
share. Last year's nine-month revenue was $282.1 million with a net income of
$23.9 million, or earnings per share, on a diluted basis, of $1.34.
Tom Giannopoulos, MICROS's President and Chief Executive Officer stated:
"We are pleased with the progress we made in the quarter with sequential
quarterly revenue growth and a return to profitability. We are confident that
our continued investments in new products, targeted acquisitions and expanding
distribution have positioned MICROS well for the future. The results of these
investments can be seen in the wide range of new customer wins and products
announced during the quarter."
Mr. Giannopoulos added, "The rigorous cost-reduction program we
implemented has helped us achieve profitability during this slow-down, and
will allow us to drive additional profitability in future quarters as the full
benefit of this program is derived. Additionally, we look forward to this
quarter as we release several important products such as Opera Front Office,
the 9700 Hospitality Management System, and the Eclipse, a new point-of-sale
PC based terminal."
MICROS's stock is traded through NASDAQ under the symbol MCRS. Some of
the statements contained herein not based on historic facts are forward-
looking statements that involve risks and uncertainties. Some of those
uncertainties are: product demand and market acceptance; adverse economic
factors; impact of competitive products and pricing on margins; product
development delays and technological difficulties; and aggressively
controlling expenses. Other risks are indicated in the MICROS Form 10-K and
other filings with the Securities and Exchange Commission. MICROS assumes no
obligation to update or supplement forward-looking statements that become
untrue because of subsequent events.
MICROS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited - in thousands, except per share amounts)
Third Quarter Ended Nine Months Ended
March 31, March 31,
2001 2000 2001 2000
Revenue:
Hardware and software $42,488 $55,711 $124,542 $172,890
Service 38,646 36,242 110,698 109,239
Total revenue 81,134 91,953 235,240 282,129
Cost of sales:
Hardware and software 20,501 20,265 61,253 84,166
Service 19,640 19,726 56,794 55,189
Total cost of sales 40,141 39,991 118,047 139,355
Gross margin 40,993 51,962 117,193 142,774
Selling, general and
administrative
expenses 31,622 27,325 93,589 79,499
Research and
development expenses 5,473 4,491 14,399 12,676
Depreciation and
amortization 3,626 3,167 10,382 8,862
Total operating
expenses 40,721 34,983 118,370 101,037
Income (loss) from
operations 272 16,979 (1,177) 41,737
Non-operating income
(expense), net 52 507 (1,376) (277)
Income (loss) before
taxes, minority interest,
equity in net earnings
of affiliates 324 17,486 (2,553) 41,460
Income tax provision
(benefit) 131 7,081 (1,034) 16,787
Income (loss) before
minority interest and
equity in net earnings
of affiliates 193 10,405 (1,519) 24,673
Minority interest and
equity in net earnings
of affiliates (124) (181) (295) (741)
Net income (loss) $69 $10,224 ($1,814) $23,932
Net income (loss) per
common share:
Basic $0.00 $0.60 ($.10) $1.44
Diluted $0.00 $0.56 ($.10) $1.34
Weighted-average number
of shares outstanding:
Basic 17,373 17,080 17,356 16,635
Diluted 17,497 18,356 17,356 17,880
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SOURCE MICROS Systems, Inc.